London landlords most likely to have dropped rents

Tenants in outer London are most likely to have seen their rents fall over the last year, new research has suggested.

A study by the National Landlords Association found that 16% of landlords in outer London have reduced their rents in the last 12 months, the largest figure of any region. What’s more inner London took second spot with 14% of landlords cutting rents.

They were followed by Scotland (13%) and the North East (12%).

What’s more, fewer London landlords looked to increase rents compared to their counterparts in other regions. The study found that 23% of landlords in outer London and 26% of those in inner London raised rents last year, significantly lower than other regions such as the South East (63%), East Midlands (49%) and East of England (45%).

The findings continue a trend noticed by the NLA last year, where tenant demand in greater London fell from 45% to 17%.

Richard Lambert, chief executive officer of the NLA, said that while these results do not mean London is suddenly going to become affordable for renters, it does seem to confirm that the trend of a softening of tenant demand in the capital is well established.

He added: “Both landlords and tenants are continuing to look outside of the capital to other centres and areas commutable to London which, if anything, will only serve to push up prices in those regions.”

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